Assets managed by German bank Allianz's various fund management operations decreased by [euro]71bn ($70.2bn) in the six months to June 2002.The bank's results for the first half the year show that assets stood at [euro]1.1 trillion, down 6.1% over the past six months. Funds managed on behalf of other institutions also fell, down by 6.9% from [euro]620bn to [euro]577bn.
However, assets are up 45% from June 2001 when they stood at [euro]398bn thanks to the merger of Allianz and Dresdner Bank's fund management businesses in the second half of last year.
The company blamed the dire performance of stock markets for the recent reduction in assets under management. It also cited the fact that third-party investments managed by its US fund managers, Pimco and Nicholas Applegate, were hit by the sharp rise of the euro against the dollar, which had negative effects when investment portfolios were converted into euros.
Based on the exchange rates at the end of last year, third-party funds would have risen by [euro]4.9bn rather than fallen, said Allianz.
Allianz Dresdner Asset Management and its US affiliates lost [euro]144m in the first half of 2002. Of this [euro]53m was lost in the second quarter compared to [euro]91m in the first three months. In the first half of 2001 asset managment recorded losses of [euro]112m.
Allianz said this represented a definite improvement that exceeded its original expectations.
No comments:
Post a Comment